HealthEquity, Inc. (HQY) Stock

HealthEquity, Inc. (HQY) is a Technology stock trading at $105.39 (as of 2026-08-21), with a market capitalization of $8.81B and a trailing P/E of 38.2. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

HealthEquity, Inc. offers technology-enabled platforms and account administration for health-related spending and savings, including health savings accounts, flexible spending accounts, and related services such as reimbursement arrangements and COBRA continuation support. It also provides investment-related tools, such as a mutual fund platform and an online automated advisory service, serving consumers, employers, and affiliated plan and benefits partners in the U.S.

Understand HealthEquity, Inc.: how it makes money

HealthEquity provides cloud-based platforms and services for health savings accounts (HSAs), helping people and employers manage HSA spending and investing, and it makes money through HSA-related custodial, service, and interchange revenues.

Profit is driven by the size and mix of the HSA balances it administers (invested assets and cash), because those balances support custodial and service fee revenue and also relate to the companys cash yield metrics.

Revenue by segment (latest quarter)
Custodial$0.2B
Service$0.1B
Interchange$0.1B

Business quality (Solid): Strong link between operating metrics (HSA invested assets and cash) and revenue segments (custodial and service), with an additional revenue stream (interchange) and visible cash yield tracking.

Valuation: Trades at 33× trailing earnings · $7B market cap.

Bull case

  • HSA balance growth supports a larger fee base: Operational metrics track both Health Savings Account Invested Assets (19.6 USD_B) and Health Savings Account Cash (17.5 USD_B), which tie directly to HSA custodial and service revenue streams.
  • Cash mix and yield are actively monitored: The company reports percentages related to HSA cash in enhanced rate contracts (58 percent) and invested assets as a percentage of HSA assets (40 percent), suggesting management attention to the balance mix that can affect profitability.

Bear case

  • Interchange and service revenue may be sensitive to transaction and plan dynamics: Interchange (0.05 USD_B) and service revenue (0.13 USD_B) are meaningful portions of the segment mix, so changes in usage patterns or participant behavior could affect these streams.
  • Interest rate and cash yield changes could pressure results: The company tracks an annualized interest rate yield on Health Savings Account Cash (3.84 percent), so declines in rate environment or contract terms could reduce yield.
  • Slower new account growth could limit future fee growth: The company reports New Health Savings Accounts Added (172000.0) and related member and investment count metrics, so reduced onboarding momentum could weaken future growth in managed balances.
Valuation — source: SEC EDGAR (first-party)
Price$105.39
Market Cap$8.81B
P/E Ratio38.2
EV / EBITDA19.1
Price / Book4.30
Price / Sales6.59
FCF Yield5.5%
DCF Value (model)$30.54
DCF Upside vs Price-71.0%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$1.31B
Net Margin16.4%
Revenue Growth (YoY)7.2%
EPS Growth (YoY)32.3%
FCF Growth (YoY)50.3%
Financial Health — source: SEC EDGAR
Altman Z-Score5.11 (safe)
Piotroski F-Score9/9 (strong)
Valuation vs Sector & Industry
Stock P/E38.2
Sector P/E (Technology)33.9
Industry P/E (Business Services)29.9
vs Sector12.8%
vs Industry27.9%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($880.19M)
Institutional Holders Tracked10
Congressional Trades (recent)10
Company
SectorTechnology
IndustryBusiness Services
CEOScott R. Cutler
Employees3,105
CountryUS
IPO Date2014-07-31

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HQY earnings history · HQY institutional & insider holders · HQY KPIs & operating metrics · HQY financials · HQY investor presentations & press releases · HQY SEC filings · HQY peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.